Ladenburg Thalmann's 8% preferreds admitted to begin trading on NYSE

By Tali David

Minneapolis, May 29 - Ladenburg Thalmann Financial Services Inc.'s 8% series A cumulative redeemable preferred stock has been admitted to trading on the New York Stock Exchange, according to a notice.

The preferreds trade under the symbol "LTS PR A."

The company priced $115 million of the $25-par preferreds on May 21.

As previously reported, Mitsubishi UFJ Securities (USA) Inc. and Ladenburg Thalmann & Co. Inc. were the joint bookrunning managers.

Proceeds will be used to prepay the December 2014 and 2015 installments under notes payable to various lenders and to repay outstanding borrowings under a revolving credit agreement. Any remaining funds will be used for general corporate purposes, including further prepayment of debt.

The independent brokerage and advisory firm is based in Miami.

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